Russia’s Finance Ministry has confirmed that it received the funds from the privatization of a 19.5-percent stake in Rosneft on December 16, 2016.

“The funds have been received by the Federal Treasury in their full amount,” the Ministry’s press office said.

The Russian state holding company Rosneftegaz said earlier that it had received the money from the sale of a 19.5-percent stake in the Rosneft oil major and that it was preparing to transfer the funds to the federal budget while taking into account the need to avoid the volatility on the forex market, Rosneftegaz said.

“Rosneftegaz has received the money in full, in accordance with the price of this stake consisting of 2,066.7 million shares of stock [a 19.5-percent stake in Rosneft]. The monies from the sale of stock were first deposited in Rosneftegaz accounts. Soon thereafter, the funds were transferred into the state budget of the Russian Federation according to the schedule approved by the Finance Ministry of Russia, with instructions from the President of Russia and the Russian government, so as to avoid any volatility on the country’s forex market,” the holding company said.

“Thus, the state budget will get RUB710.8 billion (USD11.72 billion) as a result of privatizing a 19.5-percent stake in Rosneft. The overall proceeds for the federal budget as a result of the implementation of the deal to privatize stakes in Bashneft and Rosneft will total RUB1,040.4 billion (USD17.16 billion),” Rosneftegaz said.

Rosneft’s CEO Igor Sechin earlier reported to the Russian President Vladimir Putin that the budget has received all of the funds from the privatization of Rosneft’s stake, the President’s press secretary Dmitry Peskov said.

“Mr. Sechin reported to President Putin that the funds were transferred from Rosneftegaz to the budget,” Mr. Peskov said.

The total revenue from Bashneft’s sale received by Bashkortostan’s budget in the 11-month period from January to November 2016 stood at more than RUB37 billion (USD610 million), Bashkortostan’s head Rustem Khamitov said at a Bashneft shareholders meeting in December.